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SANDY — One of the south Salt Lake Valley's largest retail centers is now under new management.
The South Towne Center mall was purchased by a partnership between El Segundo, California-based Pacific Retail Capital Partners, along with Goldman Sachs and Silverpeak Real Estate Partners — both based in New York.
Located at 10450 S. State in Sandy, the property includes a 966,000-square-foot, two-story indoor shopping center with about 150 stores and restaurants as well as an adjacent 312,000-square-foot outdoor retail property. Terms of the deal were not disclosed, but it was a "fair market" transaction, according to Gary Karl, senior vice president for Pacific Retail Capital Partners.
He said in the near term, the new ownership plans to revamp the property with upgrades including installing new floors, hand railings, improved lighting, restrooms and other aesthetic amenities that will modernize the shopping center.
"We feel that there is an opportunity to reinfuse some money into this property to strengthen its appeal, look and feel,” Karl said. “(We want to) step it up and bring it up a level that the people of this area have recently come to experience through new shopping center development and remodels here in the area.”
He noted that within the past three years, the Salt Lake Valley has seen the brand new City Creek Center built in downtown Salt Lake City as well as a major overhaul and expansion of Fashion Place mall in Murray. Customers today want a more enhanced, family-oriented experience, he said. In addition to the remodeling, the new managers will work to attract more retailers to the property.
All the existing staff has been retained and will continue facilitating the day-to-day operations of the mall, Karl said.
“We can take advantage of their knowledge, training and history with the property,” he said. “It’s a really good staff.”
Pacific Retail operates several other shopping centers around the country, including Broadway Mall in Hicksville, New York; Colonie Center in Albany, New York; West Oaks Mall in Houston; and Yorktown Center in Lombard, Illinois.
